Tesla is increasingly losing its grip on the world's largest EV market!
Its EV sales plunged 49.2% in a year to just 30,688 units – the worst figure since August 2022!
Meanwhile, main competitor BYD recorded a 90.4% jump in sales, reaching 614,679 units, driven by the launch of smart EVs priced as low as USD10,000.
The secret?
Smart EVs priced as low as USD10,000, which is now forcing other companies such as Leapmotor and Geely to join the price race and accelerate the production of affordable models.
Tesla, on the other hand, still relies on the Model 3 and Model Y, but faces fierce competition with at least six new models launched by local manufacturers in the past year.
Not only that, the Xiaomi YU7, which will enter the market later this year, is expected to be the strongest challenger.
The pressure on Tesla does not stop there.
In Europe, the company's sales also fell 45% in January.
With competition intensifying and EV pricing becoming more aggressive, the question now arises – is this just a temporary slump, or the early signs of the collapse of the world's largest automotive empire?
